VANCOUVER, B.C. – August 2, 2012 – CRH Medical Corporation (TSX: CRH, OTCQX: CRMMF), a North American medical company focussed on providing physicians with innovative products for the treatment of gastrointestinal diseases, today announced its unaudited financial results for the three and six months ended June 30, 2012. All financial results are expressed in U.S dollars.
Second Quarter Financial Highlights
|
(in 000’s of US$) |
Q2 2012 |
Q2 2011 |
Change |
6-Month 2012 |
6-Month 2011 |
Change |
|
Revenue |
$1,688 |
$1,356 |
+24% |
$3,379 |
$2,606 |
+30% |
|
Net income |
$327 |
$282 |
+16% |
$698 |
$349 |
+100% |
|
Total operating expenses |
$1,360 |
$1,118 |
+22% |
$2,681 |
$2,271 |
+18% |
“We remain focused on training physicians and providing support to their practices,” said Edward Wright, Chief Executive Officer of CRH Medical. “We expect our current and future business development initiatives will increase the demand for new trainings and accelerate the usage of CRH’s technology from our trained physicians going forward.”
The Company’s lead product, the O’Regan System is a single use, disposable, hemorrhoid treatment that is safe and highly effective in treating hemorrhoid grades I – IV. The Company’s goal is to establish the O’Regan System as the standard of care for hemorrhoid treatment. In addition to the product, CRH Medical delivers clinical, marketing and operational support directly to its partner physicians.
Operational Highlights
Financial Results
Revenues for the three months ended June 30, 2012 were $1,687,706 compared to $1,356,164 for the three months ended June 30, 2011. Revenues for the six months ended June 30, 2012 were $3,379,213 compared to $2,597,892 for the six months ended June 30, 2011.The increase in revenue is the result of the Company’s sales of its CRH O’Regan System direct to physicians.
Medical product expenses for the three months ended June 30, 2012 were $854,075 compared to $626,804 for the three months ended June 30, 2011. Medical product expenses for the six months ended June 30, 2012 were $1,727,781 compared to $1,309,598 for the six months ended June 30, 2011. The increase in medical product expenses is a result of the increase in product sales, physician marketing expenses to enhance demand for trainings, and practice support initiatives to increase physician use of our technology.
Corporate and other expenses for the three months ended June 30, 2012 were $506,183 compared to $490,735 for the three months ended June 30, 2011. Corporate and other expenses for the six months ended June 30, 2012 were $953,499 compared to $961,816 for the six months ended June 30, 2011. Included in corporate and other expenses for the three and six months ended June 30, 2011 are one-time charges totaling approximately $60,000 associated with the Company graduating from the Toronto Venture Exchange to the Toronto Stock Exchange on May 29, 2011.
For the three months ended June 30, 2012, the Company recorded net income of $327,448 ($0.007 income per share basic and diluted) compared to a net income of $282,311 ($0.006 and $0.005 income per share, basic and diluted) for the three months ended June 30, 2011.
For the six months ended June 30, 2012, the Company recorded net income of $697,933 ($0.014 income per share basic and diluted) compared to a net income of $348,681 ($0.007 income per share basic and diluted) for the six months ended June 30, 2011.
The Company’s June 30, 2012 financial report and corresponding MD&A will be available on www.sedar.com and the Company website www.crhmedcorp.com.
Second Quarter, 2012 Conference Call Notification
CRH Medical will host a telephone conference call to discuss the quarter on Friday, August 3, 2012 at 9:00 am Eastern Time. The telephone numbers for the conference call
are (888) 231-8191 or (647) 427-7450.
At the call’s completion, an audio replay will be available by calling (855) 859-2056 and using passcode 13571849. The phone replay will be available through August 17, 2012.
About CRH Medical Corporation:
CRH Medical Corporation specializes in the distribution of innovative medical products directly to physicians, particularly those in the gastroenterologist community. The Company’s lead product, the CRH O’Regan System, is a single use, disposable, hemorrhoid treatment that is safe and highly effective in treating hemorrhoid grades I – IV. The O’Regan System is rapidly emerging as the standard of care with gastroenterologists who treat hemorrhoids. In addition to the product, CRH Medical delivers clinical, marketing and operational support directly to its partner physicians. CRH utilizes its web-based platform to connect doctors with patients as well as educating its ever increasing install base of physicians.
For more information, please contact:
Edward Wright, Chief Executive Officer
CRH Medical Corporation
604.633.1440 x1008
or
Adam Peeler, Media and Investor Relations
TMX Equicom
416.815.0700 x 225
apeeler@equicomgroup.com